Opportunity costs are not only associated with money management decisions involving long-term financial security.

Question

Quizplus · Accepted Answer

Opportunity costs refer to the benefits that must be given up in order to pursue a certain action or decision. This concept can be applied to a wide range of decision-making scenarios, not just those related to money management and financial security. For example, choosing to spend time studying for an exam may mean giving up time that could have been spent socializing with friends or pursuing a hobby, which represents the opportunity cost of that decision.

Opportunity Costs Are Not Only Associated with Money Management Decisions